BNB price rally as trading volume reaches 5.13 billion

• BNB trades around $680 on Friday after rallying nearly 11% this week.
• Positive on-chain data shows BNB trading volume at 5.13 billion, and the long-to-short ratio reached the highest level in over a month.
• Santiment data shows that the Broccoli meme coin linked to the dog owned by the former CEO of Binance CZ is trending.

BNB (BNB) price trades around $680 on Friday after rallying nearly 11% this week. On-chain data paints a bullish picture as BNB trading volume reaches 5.13 billion, and the long-to-short ratio reaches the highest level over a month. Moreover, Santiment data shows that Broccoli is trending due to its association with a meme coin linked to the dog owned by the former CEO of Binance Changpeng Zhao (CZ).

BNB surpasses Solana’s market capitalization

BNB price rallied nearly 11% this week, reaching a high of $732 on Thursday. This recent price gain has led BNB’s market capitalization to surpass Solana (SOL), making it the fifth largest cryptocurrency, according to CoinGecko.

BNB market capitalization chart. Source: CoinGecko

Another aspect bolstering the platform’s bullish outlook is a recent surge in traders’ interest and liquidity in the BNB chain. Santiment data shows that BNB Chain’s trading volume rose from $1.86 billion on Monday to $5.13 billion on Thursday, the highest since early December.

BNB trading volume chart. Source: Santiment 

Another bullish sign is Coinglass’ BNB long-to-short ratio, which reads 1.13, the highest level in over a month. This ratio above one reflects bullish sentiment in the markets as more traders are betting for the asset price to rise.

BNB long-to-short ratio chart. Source: Coinglass

Broccoli meme coin gains attention 

Santiment data shows that Broccoli is trending due to its association with a meme coin linked to the dog owned by the former CEO of Binance, Changpeng Zhao. The Broccoli token has gained attention on social media, particularly X, as users discuss its recent purchase surge, market capitalization, and trading volume. This excitement has sparked broader conversations about meme coins, with mentions of trading and investment opportunities on platforms like Binance Smart Chain. 

Despite this hype in dog-themed meme coins, traders should be cautious as meme coins are quite volatile, and the chances of rug pull are high.